A business law blog published by the business lawyers at AttorneyBritt - Gary L. Britt, CPA, J.D. Commentary and information regarding the laws and regulations applicable to individuals, corporations, partnerships, and limited liability companies (LLCs); as they relate to the myriad of business transactions, contracts, and agreements every business owner, shareholder, member, physician, and/or health care provider must consider.

Monday, January 26, 2015

The Top 7 Mistakes Entrepreneurs Make With Mentors

A business mentor is someone with a lot more experience who is willing to teach you what they know.

But there are common persistent mistakes that entrepreneurs make when
consulting a mentor. Let’s examine each one, and find out ways you can
avoid falling into the same trap.

Mistake 1: Choosing an unenthusiastic mentor

Not everyone will be knowledgeable about your industry or even
understand your business – especially if it’s something completely new.
Think twice about engaging with a mentor who doesn’t seem interested in
your vision.

Instead, choose someone who displays clear enthusiasm in what you are
trying to achieve. You don’t necessarily want someone to gush about
your business, and you do need a mentor who will point out issues. But
there’s a difference between a mentor who delivers tough love – versus
someone who squelches your dreams.

Mistake 2: Setting expectations too low

Everyone who goes into business for themselves has an idol. Maybe it is Steve Jobs, Bill Gates or Richard Branson?

Don’t expect a mentor to be a billionaire like Branson or Gates. But
do set your sights on someone you look up to and reach out to that
person.
The worst he or she can do is say no, and what have you really lost? A
few hours of your time? But then again, the person might say yes!

Mistake 3: Expecting your mentor to do your work

A mentor is not an unpaid employee or contractor. A good mentor will
be extremely busy with his or her own business matters. He or she will
make time for you, but will lose patience if you try to palm off your
workload. If your mentor is a consultant, attorney, accountant, etc.,
don’t expect the mentor to perform those services for your company
without compensation.

Mistake 4: Not accepting input

Once you decide to go into business for yourself, you need an open
mind and a thick skin. People will not always agree with you, and in
order to make changes, you have to be willing and able to accept
constructive feedback. Freaking out when someone criticizes your
business is not going to endear you to your mentor.

So sit back, take a deep breath, and invite your mentor to take a
no-holds-barred approach to your business. Invite input, no matter how
much “tough love” you’re getting. Then take that input to make your
company better.

Mistake 5: Doing all the talking

It can be easy for you to launch into talking about your aims,
ambitions, and ways of doing things – and never come up for air. But you
are not going to learn anything if you don’t allow the mentor to speak
and impart his or her wisdom. Remember to ask questions, listen and take
copious notes.

Mistake 6: Worrying about secrets

You may feel sensitive about your business secrets. And in some
cases, the need for secrecy may be justified, such as in the case of
patentable inventions.
If you truly feel you have a patentable invention or trade secret,
talk with an attorney about what you need to do to protect your rights,
including asking the mentor to sign a non-disclosure agreement.

Unless your attorney tells you it involves something requiring
extreme confidentiality for legal reasons, open up so you can get value
out of the relationship with your mentor.

Mistake 7: Being too persistent and needy

Mentors are busy people, with schedules as long as your arm.
That is why constantly bombarding them with phone messages, emails,
and text messages; asking constant questions; and demanding more and
more of their time is going to lead very quickly to you and the mentor
parting company.
So take a chill pill, keep all your questions written down for your
next mentoring session, and give your mentor the space to get on with
his or her business and life. Be a respectful colleague ­– not a
stalker.

Having a business mentor can have big positive advantages for the
future evolution of your company ­– if it is done properly. Hopefully,
the seven common issues outlined here will help you from falling into
the same trap as other entrepreneurs and lead to a fruitful mentorship
relationship.
Finally, remember that this month is National Mentoring Month.

For help with your legal needs contact a business, tax, and health care law attorney at the offices of AttorneyBritt.

About Me

AttorneyBritt - Gary L. Britt, CPA, J.D. is both a lawyer and Certified Public Accountant (CPA). I have over 30
years of experience helping individuals, businesses, and business
owners manage, structure, and govern their business transactions,
prepare and negotiate their contracts and agreements, protect their
assets, and successfully transfer their wealth to future generations. Contact AttorneyBritt at 512-481-2886 or by email at info@AttorneyBritt.com. I
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